Incyte Q2 2026: revenue up 38.0%, EPS beat, guidance raised
Incyte looks Bullish heading into the second half of 2026: revenue rose 38.0% and GAAP earnings per share of $2.81 beat the $2.14 consensus, while management raised full-year sales guidance. The catch is that $246 million of the quarter's Opzelura sales was a one-time, non-cash accounting reversal, so underlying net sales grew 17.0%. Read the beat as real but flattered, and expect a huge one-off charge next quarter.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $2.81 beat the $2.14 consensus by 31.1%, and non-GAAP diluted EPS of $3.09 dwarfed last year's $1.57. Operating income tells the same story: $697.9 million versus $530.3 million a year ago. Part of that lift came from the Opzelura reversal, so the underlying earnings power is a little lower than the headline suggests.
Revenue of $1.67 billion was up 38.0% from $1.22 billion a year earlier, and total net sales of $1.49 billion rose 40.0%. Strip out the one-time, non-cash $246 million Opzelura benefit and net sales growth was 17.0%, which is still a solid number. Jakafi grew 7.0% to $817 million, while the hematology and oncology portfolio jumped 69.0% to $222 million.
Management raised full-year 2026 total net sales guidance to a midpoint of $5.195 billion (range of $5.130 to $5.260 billion) from a prior midpoint of $4.855 billion, a 7.0% increase. Operating expense guidance also jumped, to $4.915 to $4.995 billion on a GAAP basis from $3.495 to $3.675 billion. The driver is a roughly $1.270 billion IPR&D charge from the Vega Therapeutics acquisition, expected in the third quarter of 2026.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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